Is Selling Incyte Corporation Here a Winning Strategy? Option Traders Hate The Stock

 Is Selling Incyte Corporation Here a Winning Strategy? Option Traders Hate The Stock

In today’s session Incyte Corporation (INCY) recorded an unusually high (507) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the November, 2016 put, expecting serious INCY decrease. With 507 contracts traded and 1404 open interest for the Nov, 16 contract, it seems this is a quite bearish bet. The option with symbol: INCY161118P00087500 closed last at: $2.45 or 23.4% down. About 803,991 shares traded hands. Incyte Corporation (NASDAQ:INCY) has risen 34.41% since April 8, 2016 and is uptrending. It has outperformed by 28.76% the S&P500.

Incyte Corporation (NASDAQ:INCY) Ratings Coverage

Out of 19 analysts covering Incyte (NASDAQ:INCY), 17 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 89% are positive. $146 is the highest target while $85 is the lowest. The $109.44 average target is 6.13% above today’s ($103.12) stock price. Incyte has been the topic of 39 analyst reports since August 6, 2015 according to StockzIntelligence Inc. Vetr upgraded the stock to “Hold” rating in Monday, September 7 report. The firm earned “Outperform” rating on Thursday, September 29 by Raymond James. Brean Capital maintained the stock with “Buy” rating in Friday, February 12 report. The rating was maintained by JMP Securities with “Market Outperform” on Monday, October 10. The firm has “Buy” rating by Goldman Sachs given on Wednesday, November 18. The stock of Incyte Corporation (NASDAQ:INCY) has “Buy” rating given on Wednesday, August 12 by Zacks. The firm has “Overweight” rating by Piper Jaffray given on Tuesday, August 18. The rating was maintained by RBC Capital Markets with “Outperform” on Wednesday, October 12. The stock of Incyte Corporation (NASDAQ:INCY) has “Overweight” rating given on Thursday, August 13 by Barclays Capital. Cowen & Co maintained the stock with “Outperform” rating in Tuesday, August 18 report.

According to Zacks Investment Research, “Incyte Corp is a drug discovery company that is using its expertise in genomics, medicinal chemistry and molecular, cellular and in vivo biology to discover and develop novel therapeutics. The company has three fully-staffed drug discovery programs underway focused primarily on the identification of new small molecule drugs for cancer and inflammation. Incyte also has strategic alliances with Lexicon Genetics and Medarex focused on the discovery and development of protein therapeutics or antibodies to treat inflammatory diseases and cancer.”

Insitutional Activity: The institutional sentiment increased to 1.19 in Q2 2016. Its up 0.26, from 0.93 in 2016Q1. The ratio increased, as 32 funds sold all Incyte Corporation shares owned while 116 reduced positions. 45 funds bought stakes while 131 increased positions. They now own 172.01 million shares or 5.11% less from 181.27 million shares in 2016Q1.
Moreover, Zurcher Kantonalbank (Zurich Cantonalbank) has 0.02% invested in Incyte Corporation (NASDAQ:INCY) for 21,058 shares. The Japan-based Nippon Life Company has invested 0.01% in Incyte Corporation (NASDAQ:INCY). Sumitomo Life Insurance, a Japan-based fund reported 6,899 shares. The Massachusetts-based Acadian Asset Mgmt has invested 0% in Incyte Corporation (NASDAQ:INCY). Suntrust Banks Inc accumulated 11,826 shares or 0.01% of the stock. Great West Life Assurance Communication Can, a Manitoba – Canada-based fund reported 80,575 shares. Daiwa Securities Gp holds 0.01% or 24,860 shares in its portfolio. Reilly Finance Advsr Limited Liability Corp has invested 0% of its portfolio in Incyte Corporation (NASDAQ:INCY). The New York-based Financial Bank Of New York Mellon Corp has invested 0.02% in Incyte Corporation (NASDAQ:INCY). Peak6 Invests L P last reported 2,741 shares in the company. Brown Advisory accumulated 67,104 shares or 0.02% of the stock. Atria Investments Limited Liability Corp, a North Carolina-based fund reported 2,598 shares. Jefferies Gp Ltd Limited Liability Company owns 7,829 shares or 0% of their US portfolio. Vigilant Capital Mngmt reported 1,000 shares or 0.02% of all its holdings. Waddell Reed has 184,440 shares for 0.03% of their US portfolio.

Insider Transactions: Since July 29, 2016, the stock had 0 buys, and 6 insider sales for $12.46 million net activity. 60,000 Incyte Corporation (NASDAQ:INCY) shares with value of $5.40 million were sold by SWAIN PAULA J. The insider Huber Reid M sold $879,600. Flannelly Barry P sold $2.35 million worth of stock or 24,204 shares.

Incyte Corporation is a biopharmaceutical company. The company has a market cap of $21.95 billion. The Firm is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. It has a 137.98 P/E ratio. The Firm focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases .

INCY Company Profile

Incyte Corporation, incorporated on April 8, 1991, is a biopharmaceutical company. The Firm is focused on the discovery, development and commercialization of therapeutics to treat medical needs, primarily in oncology. The Firm focuses on the research and development program to explore the inhibition of enzymes called janus associated kinases (JAK). The Company’s pipeline includes compounds in various stages, ranging from preclinical to late stage development, and a commercialized product, JAKAFI (ruxolitinib). The Firm has discovered multiple potent, selective and orally bioavailable JAK inhibitors that are selective for JAK1 or JAK1 and JAK2. JAKAFI is the compound in its JAK program, which is an oral JAK1 and JAK2 inhibitor. JAKAFI orphan drug is indicated for Myelofibrosis (MF), Polycythemia Vera (PV) and essential thrombocythemia.

Another recent and important Incyte Corporation (NASDAQ:INCY) news was published by Seekingalpha.com which published an article titled: “Bet On Baricitinib – Buy Incyte Before The January PDUFA Date” on November 07, 2016.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter.

Related posts

Leave a Comment